Final answer:
The Normative Decision Model is prescriptive and contrasts with descriptive economic models, incorporating ethics and values into decision-making. It uses tools like tradeoff diagrams for analysis and underscores the differences between normative and positive statements.
Step-by-step explanation:
When concluding thoughts about the Normative Decision Model, we should consider its contrast with economic approaches to decision-making. Economic models tend to be descriptive, seeking to explain how decisions are actually made based on observable behaviors and outcomes. In contrast, the Normative Decision Model is prescriptive, suggesting how decisions should be made based on values, ethics, or ideals. The tradeoff diagram is a tool useful in these models to depict the compromises between two desirable but incompatible features. It's critical to analyze arguments against purely economic approaches to decision-making as they can often overlook subjective factors such as justice, fairness, and ethical considerations.
Moreover, when contrasting normative statements and positive statements, it is important to note that normative statements express values or what ought to be, while positive statements are based on empirical evidence describing what is actually happening. Thus, normative reasoning, whether guided by consequences, rules, or virtues, adds a layer of complexity to political and economic decisions that reflect different ideals of what politics and society should aspire to.
Lastly, to answer the question regarding the economic model of decision-making, it is not intended as a literal description of actual decision-making processes, but rather as an idealized framework that presumes rational behavior in economic actors.